Magnera slides after Wells Fargo downgrades to 'equal weight' rating

Shares of papers manufacturer Magnera Corporation MAGN.N fall ~5.6% to $14.2

Wells Fargo downgrades MAGN to "equal weight" from "overweight" rating, citing elevated tariff-related risk in the foreseeable future

Brokerage expects MAGN's volumes to likely decline year-over-year, as low consumer sentiment is expected to drive reduced consumption

Brokerage cuts PT to $16 from $22, which still represents a ~6.3% upside to the stock's last close

Including session's moves, stock down ~21.6% YTD